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The Saudi Fund for Development grants a 5-year financing line for the National Bank of Iraq DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

The Saudi Fund for Development grants a 5-year financing line for the National Bank of Iraq

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The Saudi Fund for Development grants a 5-year financing line for the National Bank of Iraq Empty The Saudi Fund for Development grants a 5-year financing line for the National Bank of Iraq

Post by claud39 Sun May 30, 2021 10:40 am

The Saudi Fund for Development grants a 5-year financing line for the National Bank of Iraq


05/30/2021



The Saudi Fund for Development grants a 5-year financing line for the National Bank of Iraq 27694





Economy News _ Baghdad



The Saudi Fund for Development signed a revolving financing line agreement worth 10 million dollars with the Iraqi National Bank of the Capital Bank Group for a period of 5 years, in the Jordanian capital, Amman.

The agreement was signed by Sultan bin Abdul Rahman Al Morshed, CEO of the Saudi Fund for Development, and Chairman of the Capital Bank Group in the name of Khalil Al Salem, in the presence of a number of senior employees from both sides. For the Central Bank of Iraq.

Under the agreement, the Saudi Fund for Development will grant the National Bank of Iraq a revolving financing line of $ 10 million to import various goods and services of Saudi origin for the benefit of the bank’s clients from companies importing these goods and services, with a financing rate of 100% of their value, and a payment period of up to 36 months depending on the type of imports and the nature of the operation. 

Following the signing of the agreement, the Chairman of the Capital Bank Group, Basem Khalil Al-Salem, expressed his appreciation for the efforts made by the Saudi Fund for Development by supporting and financing development projects in Iraq and stimulating trade relations between the two brotherly countries, noting that the role of the fund reflects the historical orientations of the Kingdom of Saudi Arabia and its continuous support. To march joint Arab action and contribute to achieving Arab economic integration.

Al-Salem added, "This agreement will undoubtedly contribute to increasing trade exchange between Iraq and Saudi Arabia by providing credit facilities to importers to import Saudi products and services of high quality at competitive prices to the Iraqi market." Stimulating the financial and commercial sectors. 

For his part, the CEO of the Saudi Fund for Development, Sultan bin Abdul Rahman Al-Morshed, affirmed that this agreement confirms the brotherhood bonds between the Kingdom of Saudi Arabia and the Republic of Iraq and a desire to enhance cooperation between them in various fields.

This agreement is part of what has been allocated by the Kingdom's government to support the reconstruction and development in Iraq, which exceeds an amount of (1.5) billion US dollars. It is also consistent with the objectives of the fund to diversify sources of national income and increase the volume of non-oil exports of goods and services of Saudi origin, indicating that The agreement will open new markets for Saudi producers to promote their high quality and competitive goods and products.



claud39
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